Morrison Ltd, an Australian company purchased inventory from Trudeau Co which is a Canadian company. The following

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Question:

Morrison Ltd, an Australian company purchased inventory from Trudeau Co which is a
Canadian company. The following information is relevant to a recent acquisition of inventory for
C$458,400 pursuant to a contract with terms including FOB shipping.

Event table

Date	Event	Exchange rate
		1A$ = C$
25-1-2021	Inventory shipped	C$0.97
15-2-2021	Inventory delivered	C$0.98
30-4-2021	Cash payment of C$458,400 to Trudeau Co	C$0.95
30-6-2021	End of reporting period	C$0.93

Prepare the necessary entries for Morrison Ltd to record the above transactions for the year
ended 30-June-2021

Related Book For answer-question

answer-question

Advanced Accounting

Advanced Accounting

ISBN: 978-0538480284

11th edition

Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng

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Posted Date: Jun 10, 2022 02:28 AM

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